How Does Foreclosure Affect the Landlord?

When a rental property goes into foreclosure there are obvious potential dangers to tenants, but often people do not look at how these foreclosures affect the landlord. They are losing an investment property that, for whatever reason, they could not make their mortgage payments on. There are times, when the property is a multiunit property, that the landlord is also losing a home. While not as often as simply an investment, there are times that the other tenants are not the only ones looking at potentially having to find a new place to live. If this is the case, the former landlord now becomes strictly the tenant with less pull as to what happens with the property. If the new owners do not alert the current tenants of the change, the rent may also be sent over to the old landlord, causing potential problems for everyone involved there.

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POSTED November 04 2013 1:27 PM

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